Susan Branscome, senior vice president/managing director of NorthMarq Capital’s Cincinnati office, finalized the $3 million refinance of Ferguson Woods Apartments, a 156-unit multifamily property located at 2890 Four Towers Drive in Cincinnati.
The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“This refinance of bank debt allowed the borrower to eliminate his recourse, recapture equity placed in the property through the renovation,” said Branscome. “The 20-year fixed rate was very competitive allowing future cash flow to increase over many years to the owner.”